Cebu Landmasters Inc. said profit in the first quarter of the year reached P572.23 million, down 4.39 percent from P598.54 million.
Revenues amounted to P2.1 billion, up 13 percent from P1.87 billion last year, driven by “robust sales from various segments and sustained construction of new developments alongside growing contributions from its expanding recurring business.”
The company said its profit margin of 31 percent remains “within the company’s target ratios and above industry average.”
In the first five months of the year, the company registered P4.8 billion in reservation sales take-up or close to its 2019 first half level of P5.26 billion.
Sales of P2 billion driven by its economic housing brand Casa Mira were recorded in the months of April and May, a period widely forecast to have little economic activity. Overall, CLI’s unsold inventory is down to only 10 percent of total inventory.
